Hilltop Community Bancorp Reports
Profitable First Quarter
April 17, 2009
SUMMIT, N.J.
, Hilltop Community Bancorp, Inc. (the Corporation) (OTC Bulletin Board:
HTBC), the holding company for Hilltop Community Bank (the Bank) today
reported net income of
Total assets amounted to
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "Our first quarter results reflect a tightened net interest margin and a discretionary increase in our loan loss provision. In addition, the FDIC has imposed a significantly higher assessment on depository institutions to pay for the losses to the Deposit Insurance Fund incurred when several large thrift institutions failed in the current recessionary environment. Although Hilltop did not participate in subprime lending, we are not immune from the impact of those reckless practices. However, Hilltop's loan portfolio remains strong, and we believe that we are well reserved as we deal with the second year of the global economic crisis. As higher rate certificates of deposit mature and are repriced at today's lower rates, we expect to see an improvement in our net interest margin in the second quarter and for the rest of 2009. We are very pleased that our commercial lenders are seeing some new opportunities for loans and we hope to see improved loan growth in the near future."
Hilltop Community Bancorp, Inc. is the
parent holding company for Hilltop Community Bank. Hilltop Community Bank
is a
The foregoing contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movement in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward-looking statements. The Bank assumes no obligation for updating any such forward-looking statements at any time.
HILLTOP COMMUNITY BANCORP, INC.
Financial Information
March 31, 2009
03/31/09 03/31/08 12/31/08
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Balance Sheet Data: (in thousands)
Total assets $206,792 $179,393 $180,722
ST investments and fed funds sold 54,801 22,656 28,244
Investment securities 29,768 35,295 29,132
Gross loans 115,839 112,558 116,711
Allowance for loan losses 1,677 1,514 1,604
----- ----- -----
Net loans 114,162 111,044 115,107
Intangible assets 373 373 373
Deposits 183,003 157,643 160,401
Short-term borrowings 1,479 2,233 2,068
Shareholders' equity 20,690 17,783 16,693
QTD
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03/31/09 03/31/08
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Income Statement Data: (in thousands)
Interest income $2,227 $2,354
Interest expense 929 1,009
--- -----
Net interest income 1,298 1,345
Provision for loan losses 75 30
Noninterest income 94 82
Gain on securities transactions 109 31
Noninterest expense 1,327 1,146
Tax expense 21 101
Net income 78 181
Preferred stock dividends and accretion 44 -
Net income avail. to common shareholders 34 181
Net Interest Margin (tax equivalent basis) 2.77% 3.45%
Per Common Share Data:
Net income per share- basic $0.01 $0.07
Net income per share- diluted $0.01 $0.07
Tangible book value- period end $6.31 $6.75
Average earning assets $193,804,013 $158,612,539
Average shareholders' equity $19,436,251 $17,813,846
Common shares o/s- period end $2,584,738 $2,580,988
